Financial Aid 101 Pharmacy Orientation 2011

Congratulations! You made it to Pharmacy School! Now, how do you navigate the world of financial aid, paying your tuition, and surviving without excessive debt?

Planning Ahead Plan your financial future today! REALITY CHECK: Average student loan indebtedness for a WSU Pharmacy Medicine Graduate is $101,226. (Class of 2010) Student Loan Debt Range: $0 - $200,001+

Personalize zzusis Provides access 24/7 to:  Financial aid to-do list  Financial aid award  Bill (what you owe)  Track direct deposits/availability of funds  Update mailing address  Portal notices  Register for classes  Announcements

Your Financial Aid Award Assuming that you’ve completed your FAFSA and all of your to-do items, you have a financial aid award. Loans Scholarships Work Study

Financial Need Cost of Attendance – Estimated Family Contribution Financial Need NOTE: All financial aid and other resources can not exceed your cost of attendance.

Cost of Attendance ResidentNon-Resident Tuition $ 19,022 $ 35,746 Mandatory Fees $ 862 Books $ 1,200 Room $ 6,430 Board $ 4,146 Transportation $ 1,434 Miscellaneous $ 2,108 Total $ 35,202 $ 51,926

Loans The majority of your education is likely to be paid for by student loans.  Subsidized Stafford Loan  Unsubsidized Stafford Loan  Health Profession Loan  Graduate PLUS Loan  Alternative/Private Loan NOTE: You must complete your Master Promissory Notes and Entrance Counseling prior to the release of any loan funds.

Subsidized Stafford Loan Need-based loan Eligible for up to $8,500 Interest paid by federal government in school 6-month grace period Funded by Department of Education (direct loan) Payments could be made to servicing agency Interest rate  Current = 6.8% (fixed) for grad students  Cap of 8.25%

Unsubsidized Stafford Loan Non-need based loan May be eligible for up to $32,000 Interest accrues, not paid by federal government 6-month grace period Funded by Department of Education (direct loan) Interest rate  Current = 6.8% (fixed)  Cap of 8.25%

Health Professions Loan Need based loan Funded by federal government Processed at the school 5% interest rate 9 month grace period Must include parental information on your original FAFSA submission each year

Graduate PLUS Loan Non-need based loan Interest not paid by federal government No grace period In-school deferment available Funded by Department of Education (direct loan) Credit check required Interest rate  8.5%

Getting Your Money Work-Study funds paid on the 10 th and 25 th Depends on number of hours worked and rate of pay Loan funds sent to WSU electronically and deposited to your WSU student account  Funds are released on the 1st day of classes  Separate disbursements for each semester  Sign up for direct deposit online at zzusis  Paper checks mailed to primary address maintained by student on zzusis REMINDER: Check zzusis!

Reapply for Financial Aid Every Year FAFSA  Available for renewal on January 1  WSU priority deadline is now February 15   Remember to include parental information for the Health Profession Loan

Summer Financial Aid Separate application must be completed Available in December in the Financial Aid Office or online at  Stafford Loans  Grad PLUS Loans  Private Loans

Planning Ahead Plan your financial future today! REALITY CHECK: Average student loan indebtedness for a WSU Pharmacy Graduate is $ 101,226. (Class of 2010) Student Loan Debt Range: $0 - $200,001+

Loan Repayment Approximation Loan Amount Monthly Payment # of Payments Total Interest Total Paid $8,500$98120$3238$11,738 $25,000$288120$9,524$34,524 $50,000$575120$19,048$69,048 $100,094$1,152120$38,133$138,227 $200,001$2,302120$76,193$276,194 NOTE: Assumes 6.8% interest rate and standard repayment schedule.

Create a Spending Plan Track your spending  Little things add up!  Basis for plan Establish a spending plan  Adjust it as necessary  Remember to pay yourself first  Short-term sacrifice for long-term good

Reminders zzusis is your best friend Apply for summer financial aid in December Apply for next year’s financial aid between January 1 and February 15 Ask questions, get answers and assistance Keep your professional goals in mind Breathe!

Questions? WSU Financial Aid rd Floor, (380) Lighty